Financials China CSSC Holdings Limited

Equities

600150

CNE000000W05

Shipbuilding

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-09 pm EDT			5-day change	1st Jan Change
41.12 ^CNY	+0.27%		+0.05%	+39.67%

Jul. 10	China CSSC's H1 Profit to Soar Up to 171%	MT
Apr. 26	China CSSC Holdings Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,988	79,117	110,872	99,646	131,668	183,906	-	-
Enterprise Value (EV) ¹	22,968	79,117	110,872	99,646	131,668	137,948	131,246	125,694
P/E ratio	75 x	253 x	496 x	557 x	44.6 x	35 x	22.1 x	17 x
Yield	-	-	-	0.09%	0.68%	0.97%	1.65%	2.09%
Capitalization / Revenue	1.3 x	1.43 x	-	1.67 x	1.76 x	2.23 x	1.99 x	1.81 x
EV / Revenue	0.99 x	1.43 x	-	1.67 x	1.76 x	1.68 x	1.42 x	1.24 x
EV / EBITDA	17.1 x	-	-	36.2 x	24.5 x	16.5 x	10.5 x	8.22 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.95 x	-	-	2.17 x	2.72 x	3.48 x	3.08 x	2.75 x
Nbr of stocks (in thousands)	1,378,118	4,472,429	4,472,429	4,472,429	4,472,429	4,472,429	-	-
Reference price ²	21.76	17.69	24.79	22.28	29.44	41.12	41.12	41.12
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,136	55,244	-	59,558	74,839	82,333	92,506	101,692
EBITDA ¹	1,342	-	-	2,751	5,384	8,353	12,538	15,300
EBIT ¹	612.1	-	-	412	2,994	5,337	8,860	11,446
Operating Margin	2.65%	-	-	0.69%	4%	6.48%	9.58%	11.26%
Earnings before Tax (EBT) ¹	559.5	-	-	2,173	3,022	5,856	9,187	11,577
Net income ¹	404.8	-	213.8	171.9	2,957	5,319	8,342	10,545
Net margin	1.75%	-	-	0.29%	3.95%	6.46%	9.02%	10.37%
EPS ²	0.2900	0.0700	0.0500	0.0400	0.6600	1.176	1.857	2.418
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.0200	0.2000	0.4000	0.6797	0.8582
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	29,457	21,041	18,443	14,300	33,366
EBITDA ¹	2,244	1,797	2,618	1,980	3,694
EBIT ¹	1,564	1,117	1,938	1,286	3,000
Operating Margin	5.31%	5.31%	10.51%	8.99%	8.99%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	-	-	-
Net margin	-	-	-	-	-
EPS ²	0.4511	0.3222	0.4259	0.3034	0.7081
Dividend per Share ²	-	-	0.3898	-	-
Announcement Date	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,019	-	-	-	-	45,959	52,660	58,213
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2.66%	-	0.47%	0.37%	6.29%	10.8%	15.1%	16.6%
ROA (Net income/ Total Assets)	-	-	-	0.11%	1.74%	2.97%	4.23%	4.99%
Assets ¹	-	-	-	161,414	170,259	179,080	197,205	211,316
Book Value Per Share ²	11.20	-	-	10.30	10.80	11.80	13.30	15.00
Cash Flow per Share ²	0.2400	-	-	-0.0100	4.070	2.140	4.560	2.550
Capex ¹	498	-	-	1,204	2,412	4,249	4,188	4,267
Capex / Sales	2.15%	-	-	2.02%	3.22%	5.16%	4.53%	4.2%
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China CSSC Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

41.12 CNY

Average target price

47.44 CNY

Spread / Average Target

+15.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Shipbuilding

	1st Jan change	Capi.
CHINA CSSC HOLDINGS LIMITED	+39.67%	25.22B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+19.61%	15.49B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+35.73%	8.16B
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+55.03%	6.84B
HANWHA OCEAN CO., LTD.	+18.92%	6.7B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+26.97%	5.99B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+69.87%	4.61B
SEATRIUM LIMITED	-41.10%	3.55B
HD HYUNDAI MIPO CO.,LTD.	+17.90%	2.76B
NAMURA SHIPBUILDING CO., LTD.	+86.10%	1.03B

Other Shipbuilding